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LONDON: The Nobel Foundation has become the latest victim of austerity – it will cut prize money awarded to laureates by 20 percent following a series of unfortunate investment decisions.
Last year 12 Nobel winners were honoured in Stockholm during a week of lavish receptions and banquets.
The Nobel peace prize is handed out at a separate ceremony in Oslo. But the body has admitted it has to cut costs. This year, the money for the Nobel prizes, given for excellence in the sciences, literature, economics and promoting peace, will fall from 10 million to 8 million Swedish krona (R9.5m). It will be the first reduction in the face value of the prize since 1949.
Despite recognising the world’s greatest geniuses, the foundation has proved fallible when it comes to making investments with the capital bequeathed by Alfred Nobel, who invented dynamite.
The foundation said the costs of the prizes and related operating expenses had exceeded returns from interest and investments on the capital over the past decade, making it necessary to lower the prize money.
A committee will determine how to reallocate the portfolio, and administrative costs are also being cut. – The Independent